Oil Weakens, Rate Cuts Fail to Help
Oil prices continued their decline heading into Friday's European session, amid concerns about fuel demand in the United States outweighing the prospect that the Federal Reserve's first interest rate cut this year will stimulate higher consumption, and U.S. President Donald Trump's recent call for lower prices to pressure Moscow to end the war in Ukraine weighed on renewed attacks on Russian energy infrastructure.
However, both oil benchmarks are still on track to close higher for the second consecutive week.
Brent crude oil price at the time of writing is $67.16
- Buy if the price moves within $67.22
- Sell if the price moves within $67.10
Resistance 2: $67.41
Resistance 1: $67.30
Support 1: $67.02
Support 2: $66.91
Disclaimer:
This article is analytical and not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
